Your total mortgage payment consists of the principal, interest, property taxes, homeowners insurance and mortgage insurance (if applicable). If you’re considering buying or refinancing your home, there are some ways that you may be able to lower your total mortgage payment.
Tips for Lowering Your Mortgage Payment
May 17, 2024 by Leave a Comment
Mortgage Payment Breakdown: What’s Included in Your Monthly Payment
January 23, 2019 by Leave a Comment
Updated April 2026: This post has been refreshed with current mortgage insurance guidelines and updated information on escrow accounts and property tax adjustments in Washington State.
Your mortgage payment typically includes principal and interest and may also include property taxes and homeowner’s insurance. In the mortgage industry, this is often referred to as PITI — Principal, Interest, Taxes, and Insurance. If you have less than 20% down payment or home equity, you’ll likely have some form of mortgage insurance as well — unless you qualify for a VA mortgage, which has no monthly mortgage insurance. Some portions of your mortgage payment may change over time. [Read more…]
Why Is My Mortgage Payment Going Up? Escrow Shortages Explained
June 28, 2018 by 2 Comments
Updated April 2026: This post has been refreshed with current information about escrow shortages, property tax adjustments, and homeowner options in Washington State.
If you’ve recently received a notice from your mortgage servicer telling you that your monthly payment is increasing, you’re not alone — and you’re probably wondering why. The most common culprit is an escrow shortage, and in Washington State’s higher-cost markets, these notices have been a regular occurrence as property values and tax assessments have climbed.
Here’s what’s happening and what you can do about it. [Read more…]
Can I Pay My Own Taxes and Insurance? | Mortgage Escrow Reserve Account Guide
February 8, 2007 by 1 Comment
If you’ve ever looked at your mortgage payment and wondered why taxes and insurance are bundled in, you’re not alone. Many homebuyers ask whether they can simply pay those bills themselves — and the answer depends on how much equity you have and what your lender requires. [Read more…]
